The Monetary Policy Committee of the Bank of Ghana (BOG) has begun its 124th meetings to review developments in the economy, BOG has said in a statement on Wednesday. The regular meetings starting today, May 21, will continue until Friday, May 23, 2025 with a press conference to announce the decision of the Committee.

At the last MPC meeting held in March, the BOG begun a process of moving away from consensus building decision-making on positioning of the monetary policy rate to a majority vote decision process. Based on a 3-2 majority of the 5-member committee, the central bank decided to hike its policy rate by 100 basis points to 28%. Again, BOG at its last meeting introduced measures to strengthen liquidity management and enhance monetary policy transmission as follows; 273-day instrument to augment the existing sterilisation toolkit; intensify the monitoring of banks’ Net Open Positions to ensure compliance; and review the current structure of the cash reserve ratio to assess its broader impact on liquidity conditions and financial intermediation in the economy.

The Ghanaian cedi’s recent rally is expected to take centre stage at this month’s meeting with Governor Asiama optimistic of a sustainable run. At the opening of the MPC meeting today, he assured investors that the cedi’s outlook remains favourable therefore there is no need for panic. Other policy measures that BOG introduced at the last meeting will be reviewed including whether or not to maintain the current monetary rate.